The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Techon Commercial Private Limited (Financial Creditor) against Super Forgings & Steels Limited (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor had granted a loan to the Corporate Debtor, and the application was filed due to default in repayment. The Corporate Debtor acknowledged the debt but cited financial difficulties due to the COVID-19 pandemic as the reason for the default.
Techon Commercial Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Super Forgings & Steels Limited, the Corporate Debtor, due to default in repayment of a loan. The total debt granted was Rs. 6,52,50,000/-, and the total amount claimed to be in default was Rs. 7,49,20,456/-, including principal and interest. The date of default was claimed as 01.04.2023. The Corporate Debtor had approached the Financial Creditor for an unsecured loan between Rs. 7 Crore and Rs. 8 Crore, which was approved by the Financial Creditor's Board of Directors on 26.05.2016. An agreement was executed on 19.09.2016, where the Financial Creditor advanced Rs. 25 Lakh, with a maximum loan amount of Rs. 8 Crore.
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The Corporate Debtor approached the Financial…
The Board of Directors of the Financial…
The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Techon Commercial Private Limited (Financial Creditor) against Super Forgings & Steels Limited (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor had granted a loan to the Corporate Debtor, and the application was filed due to default in repayment. The Corporate Debtor acknowledged the debt but cited financial difficulties due to the COVID-19 pandemic as the reason for the default.
Techon Commercial Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Super Forgings & Steels Limited, the Corporate Debtor, due to default in repayment of a loan. The total debt granted was Rs. 6,52,50,000/-, and the total amount claimed to be in default was Rs. 7,49,20,456/-, including principal and interest. The date of default was claimed as 01.04.2023. The Corporate Debtor had approached the Financial Creditor for an unsecured loan between Rs. 7 Crore and Rs. 8 Crore, which was approved by the Financial Creditor's Board of Directors on 26.05.2016. An agreement was executed on 19.09.2016, where the Financial Creditor advanced Rs. 25 Lakh, with a maximum loan amount of Rs. 8 Crore.
…The Corporate Debtor approached the Financial…
The Board of Directors of the Financial…